You know you need an estate plan. It’s on your endless to-do list but always seems to get pushed to the bottom, while you handle other things. You’ve heard it’s a thing you should have, but what exactly is an estate plan? Isn’t it only something old people need?

Estate plans should not be shrouded in mystery and are something that every adult needs, regardless of their age, material situation or wealth. They should plan for incapacity and clearly define your wishes at death.

Planning ahead of time can make a world of difference to you and your loved ones when tragedy strikes. The most essential documents for any estate plan are:

Will: Sometimes called a Last Will and Testament, this document describes who you want your money and possessions to go to and describes how it should be divided among those people.

General Durable Power of Attorney: A general durable power of attorney allows another person to step into your shoes and manage your affairs for you if you become incapacitated. The person you choose to fill in for you is known as your Agent under the Power of Attorney and can do many of the things you would do if you were not incapacitated. This includes paying the mortgage and other bills, accessing bank accounts and dealing with credit card companies.

Medical Durable Power of Attorney:Using a medical durable power of attorney, you appoint someone to make medical decisions on your behalf in the event of your incapacity. The person you appoint will advocate for your wishes and work with your doctors to approve a proper course of action.

Living Will (aka Advanced Medical Directive): A living will tells your loved ones what your wishes are concerning your care and medical treatment if you are incapacitated. For example, it provides guidance to your loved ones and your Agent under your medical durable power of attorney what your wishes are if you fall into a vegetative state. It can help mitigate a family fight over what your wishes are and which course of treatment you would want.

To make sure you are covered for both incapacity and death make sure your estate plan contains all of these documents. Remember that a little planning beforehand provides you and your loved ones peace of mind for the future.

The information on this website is not, nor is it intended to be, legal advice or legal opinion about any specific fact or circumstance. It is designed for general information only. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.